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PDC Energy Closes Common Stock Offering

Stocks in this article: PDCE

DENVER, Aug. 9, 2013 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) today announced that it has closed its previously announced underwritten public offering of 5,175,000 shares. The net proceeds from the offering were approximately $276 million after deducting underwriter's compensation (but before estimated expenses). BofA Merrill Lynch acted as the sole underwriter of the offering. The Company intends to use the net proceeds from the offering to fund a portion of an expanded capital expenditure program for the remainder of 2013 and 2014, including the addition of a fourth drilling rig in the Wattenberg Field and/or a second rig in the Utica Shale, and for general corporate purposes. The Company may also use a portion of the proceeds to acquire additional Utica Shale acreage.

The offering was made pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. The offering was made by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by sending a request to: BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, email: dg.prospectus_requests@baml.com.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Petrie Partners LLC acted as advisors to PDC on this transaction.

About PDC Energy, Inc.

PDC Energy is a domestic independent energy company engaged in the exploration, development and production of crude oil, NGLs and natural gas. Its operations are focused primarily in the liquid-rich Wattenberg Field of Colorado, including the horizontal Niobrara and Codell plays, the Utica Shale in Ohio and the Marcellus Shale in West Virginia. PDC is included in the S&P SmallCap 600 Index and the Russell 2000 Index of Companies.

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